Buca di Beppo Files for Bankruptcy, Closes More Locations

• Orlando-based Italian chain, files Chapter 11 in Texas, blaming financial woes on rising costs and hiring difficulties.
• Close to $50 million owed to 30 creditors, per its 21-page petition. USA TODAY.
• Slow decline since COVID-19, with 20% of locations closed last month, per Restaurant Business Magazine.
• "[Buca is] restructuring 44 core locations... and is in the process of opening one new location" -. company statement.
• "While the restaurant industry has faced significant challenges, this move is the best next step for our brand" - Rich Saultz, company President.
• 2 Austin-area locations closed, with 4 remaining Texas sites open.
• Chain founded in 1993, acquired by Planet Hollywood in 2008 for $28.5 million.
• Joins Red Lobster & Hooters in closing sites; Olive Garden opts for price hikes.